World Investors Week: SEC charges Nigerians on financial inclusion

The Securities and Exchange Commission (SEC) on Thursday charged Nigerians to key into the financial system and invest in the capital market.

The Director-General, Ms Mary Uduk, stated this while sensitising residents of Gwagwalada on the need for financial inclusive at a forum to mark the World Investors Week in Gwagwalada, FCT.

Uduk, represented by Mr Francis Okafor, Head of SEC Investment Education, urged Nigerians to invest their money wisely instead of keeping them in unsafe places.

She assured that the SEC had put measures in place to ensure that dividends of investors’ were received without problems.

Uduk said SEC was also partnering with other financial bodies to ensure the financial inclusion of all Nigerians.

However, Okafor, in his paper “Financial Inclusion,’’ said it was important for everyone to be financially included.

He advised the audience to invest in financial market as against participating in ponzi schemes.

He said that SEC had an investment protection fund which the commission had set aside to pay investors in case of failure of their investment in the capital market.

In her remark, Mrs Obiangeli Okosi, Micro Pension Department, National Pension Commission, urged all Nigerians to key into the micro pension scheme.

She said the scheme was designed to accommodate all Nigerians including businessmen, women and artisans.

Okosi said the scheme did not require the contributor to pay a fixed amount monthly like the contributory pension and it was open to Nigerians from 18 years of age.

She said after the age of 50 the contributor could start to access the fund, depending on his or her need.

“Every month, you are expected to pay in something into the account, depending on your capability.

“You must not get the funds after you retire, you can even access part of it for immediate pressing needs such as paying school fees, feeding and the like.

“And the rest of the fund is set aside, invested and you can access the funds and interest upon retirement.”

On how to participate in the scheme, Okosi said it was through the various Pension Fund Administrators.

She said: “They will register you, take your bio-metrics and generate a Retirement Savings Account (RSA) number for you.

“This number will enable you do your transactions including paying into the account and paying for goods and services.

In his remark, the representative of the Nigeria Deposit Insurance Corporation (NDIC), Mr Abubakar Nasidi, assured the audience of the safety of their funds in the banks.

Nasidi said the NDIC was positioned to ensure customers do not loose their funds in case of failure or closure of a financial institution.

He reiterated the mandate of the NDIC aimed at ensuring deposit guarantee, supervision of banks against excessive risk, distress resolution and liquidation of assets among others.